Bill > SJR17

This joint resolution proposes an amendment to the Oklahoma Constitution that would modify how property taxes are assessed by establishing fair cash value for real property only once every four years, starting in tax year 2026, instead of annually. The amendment would limit the growth of fair cash value to a maximum of 5% for most real property and 3% for homestead-exempted or agricultural properties during each four-year assessment period, which is a change from the current annual limitation. The proposed constitutional amendment would require voter approval and includes a ballot title that summarizes the key changes, explaining that the measure modifies the frequency and extent of property value increases for tax assessment purposes. The resolution directs the Secretary of State to refer the proposed amendment to voters for their approval or rejection, and requires the President Pro Tempore of the Senate to file copies of the resolution with the Secretary of State and Attorney General. The goal appears to be providing more stability and predictability in property tax assessments by reducing the frequency of value reassessments and moderating potential increases.

http://www.oklegislature.gov/BillInfo.aspx?Bill=sjr17&Session=2600